Weakened Norwegian currency vs. other currencies during the quarter increased the fund’s value by 175 billion Norwegian kroner, and the fund was also bolstered by a 5 billion kroner transfer of capital from the Norwegian government, a financial update said.

Returns pushed the market value to 7 trillion Norwegian kroner, a 9% increase from Dec. 31, and up 37.2% from March 31, 2014.

The fund was invested 62.5% in equities, which returned 7.5% over the three months ended March 31. It had a 35.3% allocation to fixed income, which gained 1.6% over the period, and the remainder was invested in real estate, which returned 3.1%.

“There were big price movements in the European market,” said Yngve Slyngstad, CEO of Norges Bank Investment Management, the money manager for the fund, in a statement accompanying the financial update. “After a weak return on European stocks last year, the market rallied in the first quarter.”